Never miss an update

New bagisrecor-20959 Women's Frye Ellen Short Buckle Buckle Short 7.5M 09a371f

Item specifics

New with box: A brand-new, unused, and unworn item (including handmade items) in the original packaging (such as ... Read moreabout the condition
Model: Ellen
Features: Buckle Style: Booties
Color: Black Boot Shaft Height: Ankle
Occasion: Casual Heel Height: Low (3/4 in. to 1 1/2 in.)
Brand: Frye US Shoe Size (Women's): US 7.5
Toe Type: Pointed Toe UPC: Does not apply
Never miss an update

New bagisrecor-20959 Women's Frye Ellen Short Buckle Buckle Short 7.5M 09a371f -

    New bagisrecor-20959 Women's Frye Ellen Short Buckle Buckle Short 7.5M 09a371f
    New bagisrecor-20959 Women's Frye Ellen Short Buckle Buckle Short 7.5M 09a371f
    TOD'S sz 38 8 US womens ankle boot ponyskin effect leather shoes black tan ItalyNEW APERLAI Sneak Skin Tall Leather Boots (Size 38) RED BERRY $2180.00!Ladies Lucchese Spirit S4020-01 Black Ali Cowboy Boot Size 10 US$985 CHLOE BOOTS BLACK LEATHER PATCHWORK WHIPSTITCHING ACCENTS 39.5 / 9Corral A3322 Martina White Women's Glitter Inlay Crystals Wedding Western Boots , New $ 525 Rag & Bone Margot Suede Ankle Boots bootie Gray 40 10 HarrowFrye Women's Veronica Seam Short Double Zippers Boots 1675 Sz. 6.5BAMMONS HAND MADE BLACK LEATHER LIZARD UNDERLAY COWBOY WESTERN BOOTS WOMEN'S 6Corral Ladies Black Overlay Embroidery and Studs Western Boots A3566Stuart Weitzman Smashing black nappa leather knee high heel boots 9.5 9½ M NWBGentleman/Lady Stella Mccartney Crow/Rutland Women's Boots Black/Black Consumer first First quality Excellent stretching , NEW WOMEN FRYE AMERICANA VERONICA ENGINEER COGNAC BROWN LEATHER SHORT BOOTS 9Beautiful Salvatore Ferragmo brwn leather equestrian riding boots 11 Made ITALY! , New in Box Women's OLD GRINGO 13" PAVITO Boot Bone Size 10 L214-31 , Dan Post Boots Women's Mae Cowgirl Boot DP3751SWEDISH HASBEENS SHOES HIPPIE CLOG BOOTS SHEARLING LINED BOOTIES 37 FREE PEOPLE , Corral Ladies 11.5" Fleur De Lis Square Toe Boots Sand Black A2840 , Corral Ladies 13" Square Toe Leather Cowboy Western Boots Sand Glitter A3120Lucchese HL4510.54 Brinley Womens Chocolate Goat Leather Cowboy Boots 7 CCydwoq Women's LIMIT Bootie USA size 71/5 (37.5) , ZARA FLORAL PRINT OVER THE KNEE HIGH HEEL BOOTS 39NEW!! rag & bone 'Ashby' Bootie- Pony Hair- Size 7.5 US/ 38 $550 (BBB1) , Old Gringo Viruela Studded VINTAGE Sintino Brown Western Boots 5.5 WomensNIB Rag & Bone Drea Leather Ankle Bootie Boot, Gunmetal sz 8.5 (38.5-EU) - $525 , Alaia Black Suede Patent Contrast Knee High Boots Size 36 6Jimmy Choo 'Dalal' Tie Strap Bootie -Size 10 US/ 40 EU $950 (P49)SIGERSON MORRISON FLORE BOOT, WOMENS STRETCH LEATHER BLACK,MISMATCH LH 8, RH 8.5 , Yeezy Season 4 Crepe Suede Brown 30mm Authentic $349.00. Boots Size 39 EU/ 9 USOld Gringo Noctua Western Cowboy Boots Galaxy Gold Womens Size 8.5 Medium Width ,
    New bagisrecor-20959 Women's Frye Ellen Short Buckle Buckle Short 7.5M 09a371f ->New bagisrecor-20959 Women's Frye Ellen Short Buckle Buckle Short 7.5M 09a371f -
    Chloe Grey Distressed Leather Pull On Knee High Boots Shoes Size 39 , Grinders Galveston Black Mens Cowboy Shoe Western Slip On Pointed Leather Boots , Camper Chasis Sport Mens Orange Suede Trainers , Yohji Yamamoto NOIR Heel cover leather shoes Size 5(US 7)(K-52046)New Earth Dawn Ea Womens Shoes Boots AnkleJeffrey Campbell Lugo Espadrilles Orange Women Sz 41 , Sexy rhinestone 5 1/2" ankle wrap platform clubbing shoes , Miu Miu 37.5 6.5 black leather pin up high heel bow slingback peep toe , Donald J Pliner 'Ceci' gray red tribal beaded peep toe platform heels 6.5MBar III Womens lasso Closed Toe Casual Ankle Strap Sandals Black Size 7.5Adidas Adizero LJ 2 Mens Track & Field Shoes Long Jump Blue Green AF5648 Sz 15 , Adidas Tubular Doom PK Prime Knit St Pale Nude BB2390 boost originals 1Converse All Star 70s Hi Space Pack 150873C Winter White Men Size US 7 NEW , Adidas Originals Spezial Indoor Comp Spzl White Blue Gum Sneakers New Men B41820 , NIKE ROSHE RUN FB BLUE LEOPARD US 12.5 URBAN SAFARI YEEZY , NIKE AIR JORDAN FUTURE INFRARED 23 Sz US11 UK10 652141-023 Bred 3M GLOW Red 2014Leather Propet Men's Lucas Oxford Rubber sole Removable footbed , NIB Superga 2790 Multi Striped Platform Sneakers in Pink US 10Men's/Women's Vibram Women's Vi-s Cross-Trainer Shoe Elegant and sturdy set meal Stylish and charming comfortable , ADIDAS WOMEN'S EQUIPMENT RACING 91 / 16 W S79740 CORE BLACK WHITE DS SIZE: 6.5 , Alexander Smith London Studded crystal sneaker off white size 37 Italy NewUnder Armour Women's Ultimate Speed Running Shoes Black , NEW WOMENS NIKE AIR MAX SEQUENT 3 RUNNING SHOES TRAINERS LT CREAM / CRIMSON TINT , Sam Edelman Women's Packer Ankle Boot Black Leather ZipperNike Wmns Air Max 1 Grape Women New White Black Lifestyle Sneakers 319986-115 , Saint Laurent Paris Black Studded High Top Sneakers , ULU Women's Brown Suede Leather Shearling Waterproof Event Winter Boots Sz 7 , BCBG Womens Booties Shoes Heels Black Size 7 B Leather Ankle Strap Open Toe EUC , Womens Round Toe Stretchy Over Knee Thigh High Boots Flats Shoes Stretch LeatherStylish Womens Pointy Toe Slip On Rabbit Fur Mules Multi Metal Decor Ankel Boots
    Will ETFs cause the next market crash?
    ETF Watch - Jun 29, 2017
    New bagisrecor-20959 Women's Frye Ellen Short Buckle Buckle Short 7.5M 09a371f -

    There’s no doubt that the last 2 years has seen the coming of age of ETFs. With what was once an unknown type of investment quickly becoming a $30b industry in Australia ($3 trillion globally). However, as ETFs have moved from the unknown to the flavour of the month, an increasing number of commentators have called on the risks ETF investors face, with some even stating that ETFs will be the source of the next market crash. Today we take a look at some of the claims as to why some believe there are so many risks associated with ETFs.

    Claim 1: ETFS are blindly pushing up stock prices

    Many have written about share markets being at record highs. In an interview with the AFR, Wilson Asset Management chief Geoff Wilson discussed his portfolios’ current high weightings to cash due to concerns of market over-valuations. 

    US based fund manager FPA capital called ETFs “Weapons of Mass Destruction”and stated “The flood of money into passive products is making stock prices move in lockstep and creating markets increasingly divorced from underlying fundamentals”. The argument they make is as ETFs blindly invest in stocks in their chosen index and ignore the underlying fundamentals of these companies. This causes these companies prices to be bid up to prices that do not support their fundamentals (ie a bubble), and eventually history repeats, the bubble bursts and markets crash.

    What do we think?

    ETFs account for around 10% of US stocks’ market value and less than 1% in Australia. In the US at least this is not an immaterial amount. However, the active managers whom ETFs have taken business from generally have mandates which force them to invest a certain percentage in the market. As a result, active managers have always been investing in expensive markets and pushing up prices. Additionally, what is currently called by many analysis as expensive equity markets could also be attributed to global record low interest rates rather than an uptick in passive investing. In saying that, since the last major market crash (the 2008 GFC), the proportion of total assets in ETFs are considerably higher and continual growth of passive investing must be considered as a possible cause of markets becoming expensive.

    Recently we’ve seen Vaneck reweight their huge Junior Gold Miner’s ETF as they approached 20% limits in some of their smaller holdings. This meant selling out of these small gold miners which saw large falls in some of these shares (some of which was blamed on hedge funds looking to capitalise on the opportunity). This is a great example of the influence that ETFs can have, albeit this is at the small end of the market.

    Claim 2: ETFs will sell on mass and compound market falls

    One of the known weaknesses of a managed fund structure is the ability for investors to fairly easily redeem their funds, meaning at times of market falls, when a fund manager may find the best investment opportunities, the investors in the fund are panicking and redeeming their investments, meaning the fund manager becomes a forced seller rather than a buyer. This was one of the reasons Forager decided to turn their Australian Share Fund (FOR) into a Listed Investment Trust, where the pool of capital for them to invest was guaranteed.

    The one thing stopping simple redemption of managed funds during market crashes is another one of its weaknesses, which is managed funds are not simple to trade, and require the investor to apply to the fund to redeem units. This can involve filling out paper forms, and an apathetic investor may simply not be bothered.

    What do we think?

    One of the greatest advantages of ETFs is also one of its weaknesses when it comes to the above, with ETFs able to be traded on the ASX, a panicked investor simply has to log into their online brokerage account and hit the sell button. If a buyer does not exist on the other side of the trade, the ETF issuer is forced to then sell the underlying holdings which could very well begin a contagion effect.

    However, we come back to the size of the ETF market, at around 1% of the Australian market and 10% of the US market. Investors selling underlying stocks that they own through their broker will have the exact same impact as the reasonably small proportion of ETFs. We believe the actual impact of this event would be not materially higher than what currently exists.

    Claim 3: ETFS with low liquidity will be hard to sell if markets fall

    Peter Switzer recently spoke about a client who had received advice that an ETF with low liquidity would be difficult to sell if markets fall. The argument being that without a liquid market the seller would be unable to find a buyer on the other side of the trade and would need to sell at a significant discount.

    What do we think?

    One of the somewhat unknown components of ETFs is the role of the market maker. Essentially the market maker’s role is to provide liquidity to an ETF, so that if there is not an existing ETF unit on the other side of an ETF trade, the market maker must create an ETF unit for a buyer, or absorb an ETF unit for a seller. It is then the ETF issuer's role to buy or sell the underlying assets that the ETF holds. This means that regardless of an ETF’s liquidity, a market maker will always exist to buy an ETF off an investor even if the markets in free fall.

    However, there is a caveat to the above. Market makers make a profit by charging a spread between the buy price and the sell price of an ETF. The spread becomes the market maker’s profit margin. In a free falling market it may be difficult for the market maker to price the underlying investments forcing them to create a huge spread between the buy and sell price to protect their margins. This was seen in the 2015 Dow Jones ‘Flash Crash’, where some ETFs dropped 30% when the market makers were unable to price the underlying securities.

    New bagisrecor-20959 Women's Frye Ellen Short Buckle Buckle Short 7.5M 09a371f -

    Finally, an ETF is only ever as liquid as its underlying holdings. ETFs which invest in illiquid investments may have great liquidity, but if the underlying investments do not, this will likely be reflected in falls in both the underlying holdings and the ETF during market falls. This may be more likely to play out at the small cap end of the sharemarket and within unlisted asset classes.

    Claim 4: ‘Exotic’ ETFs are higher risk

    In a recent RBA publication, economist Michelle Cunningham discussed the risks faced with some of the more exotic ETFs, those that are classed as ‘synthetic’ ETFs, meaning the ETF issuer does not hold the underlying investments, rather they rely on a counterparty to pay the return. These ETFs are generally referred to as ‘Synthetic’ or ‘Hedge fund’ in their title. Cunningham raised the risk that the counterparty may default on their obligation, so an additional level of risk exists for the investor.

    What do we think?

    We agree with Cunningham’s analysis, an additional level of risk certainly exists with these ETF structures, however in many cases this is the only way to access to investment strategy that the ETF provides. Nevertheless, investors should be aware of the additional risks that exist.


    There’s plenty of arguments in both camps about ETFs role in future market crashes. There’s no doubt the world has moved into uncharted territory with the rise of passive investing & ETFs in particular. We do believe, however, that some of the risks are overblow. Nevertheless, investors should be aware of these risks in order to make informed investing decisions. What do you think?


    Previous Article

    2017 Financial Year ETF and LIC Performance Table

    Next Article

    New Fixed Interest ETFs expand options for investors

    Leave a Reply
    Find a Fund
    New bagisrecor-20959 Women's Frye Ellen Short Buckle Buckle Short 7.5M 09a371f